A public rebuttal by UAE officials of suggestions that staking Toncoin may qualify investors for a Golden Visa caused a precipitous 10% drop in price. The Toncoin price saw a short spike earlier when the project’s official website ran a promotion. Giving a UAE Golden Visa to those who staked $100,000 worth of TON.
Allegations that staking Toncoin could make one eligible for the UAE’s Golden Visa program were denied in a joint statement issued on July 6 by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA).
Questions Over Authenticity
According to the ICP, Golden Visas are most often given to those who demonstrate exceptional merit. Especially, in fields like as humanitarian activities, business, research, and technology. Investors in cryptocurrencies are not eligible.
Moreover, the Golden Visa system is unrelated to digital assets, according to the SCA and VARA. TON’s lack of an official license and regulation makes any association with the visa program illegal, as pointed out by VARA.
The founder of Binance, Changpeng Zhao, raised questions over the authenticity of the offer made by the Ton Foundation. In its statement, CZ had already highlighted inconsistencies. The lack of a formal government news announcement endorsing the plan was another point he raised.
The public was warned not to depend on unconfirmed online offerings. And that official government websites were the best sources of factual information. Investors are beginning to question the campaign’s credibility as a result of such response. Which has pushed the price of Toncoin down.
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